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Frequently asked questions
What is the role of a company liquidator in Porth?
A company liquidator in Porth is a licensed insolvency practitioner who manages the formal closure of an insolvent or solvent company. Their role includes assessing the company's financial position, realising assets, agreeing claims with creditors, investigating director conduct, and distributing any available funds to creditors in the correct statutory order. They also ensure that all legal requirements are met and that the company is formally dissolved at Companies House.
How much does company liquidation cost in Porth?
The cost of company liquidation in Porth varies based on the complexity of the case, the number of creditors, and the amount of assets. For a Creditors Voluntary Liquidation (CVL), fees are often based on a fixed fee structure or a percentage of the assets realised. Typically, costs range from £3,000 to £6,000 plus VAT, but we always provide a clear, fixed quote after a free initial review. Members Voluntary Liquidation (MVL) for solvent companies usually has a fixed fee starting around £2,500 plus VAT.
What is the difference between CVL and MVL?
CVL (Creditors Voluntary Liquidation) is used for insolvent companies that cannot pay their debts. It is initiated by directors and involves a meeting of creditors. MVL (Members Voluntary Liquidation) is used for solvent companies where directors wish to close the business, often for retirement or restructuring. In an MVL, directors must make a statutory declaration of solvency, and the process is typically quicker and less complex.
Can I keep trading if my company is in liquidation?
Once a company enters liquidation, the liquidator takes control, and the directors' powers cease. You cannot continue trading under the same company name. However, before liquidation is formalised, you can continue trading under the guidance of an insolvency practitioner to protect creditors' interests. It is crucial to seek professional advice immediately if you suspect insolvency to avoid wrongful trading claims.
What are the legal duties of directors during liquidation in Porth?
Directors must cooperate fully with the liquidator, providing all company books, records, and financial information. They must not hide assets or prefer certain creditors. Directors have a duty to act in the best interests of creditors once insolvency is known. Failure to comply can lead to personal liability, disqualification as a director, or even criminal prosecution. Our advisors help you navigate these duties correctly.
Will I be personally liable for company debts after liquidation?
In most cases, no. If you have acted honestly and responsibly, and have not given personal guarantees, liquidation will protect you from personal liability for company debts. However, if you have given personal guarantees for loans or leases, creditors can pursue you personally. Also, if wrongful trading or fraudulent trading is found, you can be held personally liable. Professional advice is essential to protect your position.
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